September 24, 2012, 10:33 am
New York State filed suit Friday against the former president of a venerable Manhattan culture charity, alleging he misappropriated $1.5-million from the organization, The Wall Street Journal reports.
Attorney General Eric Schneiderman?s office accused O. Aldon James of tapping the National Arts Club?s coffers to support flea-market shopping sprees and further cost the group by using apartments it owned to store his purchases.
The 18-month state inquiry arose from a leadership struggle at the charity, founded in the late 19th century to encourage public interest in the arts. Mr. James was ousted by the club?s board in June 2011 after 25 years as its unpaid president.
Gerald Shargel, a lawyer for Mr. James, denied the allegations, saying his client ?never put a dollar [of the club's money] into his own pocket. We are going to demonstrate that these things were done for the benefit of the club and with the knowledge of the board.?
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